Pastorelli Food Products is again attempting to offload an industrial property amid a development boom in the Fulton Market District.
After a failed attempt in 2016, Pastorelli Food Products is seeking to sell its 25,000-square-foot food processing plant at 901 West Lake Street, Crain’s reported.
The Chicago-based company has enlisted Dan Reynolds of JLL to find a buyer for the historic property. An asking price hasn’t been listed, but JLL is marketing the property as a high-density redevelopment opportunity, with zoning that allows for a 12- to 14-story structure.
The 12,500-square-foot parcel at the southwest corner of Lake and Peoria streets, is considered to be a prime development opportunity due to the evolution of Fulton Market from an industrial district to a commercial and residential hub. It’s not far from where the Wirtz and Reisndorf families, which own the Chicago Bulls and the Chicago Blackhawks, are planning a $7 billion mixed-use district around the United Center.
The area has seen the rise of significant projects, including The Hoxton hotel, The Row apartment tower, a 409,000-square-foot office development at 919 West Fulton Street, and planned mixed-use projects across the street.
Despite the ongoing shift toward commercial and residential developments, Pastorelli’s building remains a relic of the neighborhood’s industrial past.
Richard Pastorelli, the company’s president and fourth-generation owner, said the company plans to relocate its operations from the site once the Lake Street facility is sold, though he did not provide details on the timing or location. It intends to keep its corporate office at 162 North Sangamon Street.
The company, which is best known for its pizza sauce, has operated from this site since the 1930s.
In 2016, the company attempted to sell the property with a different broker but did not secure a deal. At the time, the company had 25 employees and used the Lake Street building for bottling oils and vinegar.
— Andrew Terrell
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